HUD No. 04-WA-10 Pamela Negri (206) 220-5356 |
For
Release Friday April 23, 2004 |
BUSH ADMINISTRATION ANNOUNCES $1.7 MILLION TO STIMULATE ECONOMIC
DEVELOPMENT AND HOUSING IN BELLINGHAM
HUD grants targeted to lower income persons and families in need
SEATTLE - The city of Bellingham will receive $1,714,922 in funding
from the U.S. Department of Housing and Urban Development to stimulate
its economy, produce affordable housing, and provide downpayment
assistance. HUD Regional Director John W. Meyers said the funding
represents another investment in improving the living conditions
for Bellingham lower income families.
"This Administration is committed to promoting economic development and job growth, increasing the supply of affordable housing, and helping our most vulnerable neighbors," said Meyers.
The funding announced today includes:
- $1,022,000 in Community Development Block Grant (CDBG) funds;
- $692,922 in Home Investment Partnerships (HOME) funding.
For the past 30 years, HUD's Community Development Block Grant (CDBG) Program has awarded over $100 billion to state and local governments to target their own community development priorities. CDBG is one of HUD's oldest and most popular programs. The rehabilitation of affordable housing has traditionally been the largest single use of the grants although CDBG is also an important catalyst for job growth and business opportunities. CDBG funds are distributed by formula around the country based on a community's population, income levels, poverty rates and the age of its housing stock.
HOME
(HOME Investment Partnerships Program) is the largest federal block
grant to state and local governments designed exclusively to produce
affordable housing for low-income families. Since 1992, more than
600 communities have committed to produce nearly 785,000 affordable
housing units, including almost 300,000 for new homebuyers purchasing
their first home. In addition, over 100,000 tenants have received
direct rental assistance. A new
initiative under the HOME program
is the American Dream Downpayment Initiative (ADDI), which will
promote home ownership opportunities by providing necessary resources
for downpayment and closing cost assistance to low- income and minority
households.
HUD
is the nation's housing agency committed to increasing homeownership,
particularly among minorities; creating affordable housing opportunities
for low-income Americans; and supporting the homeless, elderly,
people with disabilities and people living with AIDS. The Department
also promotes economic and community development as
well as enforces
the nation's fair housing laws. More information about HUD and its
programs is available on the Internet and espanol.hud.gov.
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